IFC Committed to Growth and Development in Mali through Support for Private Business

Bamako, Mali, December 17, 2008—IFC,
a member of the World Bank Group, is looking to increase its development
impact in Mali by supporting an improved investment climate, developing
programs in education and tourism and seeking investment opportunities
in financial institutions, manufacturing, mining and tourism, IFC Vice
President Thierry Tanoh told reporters today during his first visit to
the country in this capacity.

Tanoh was accompanied by IFC’s new Director
for Western and Central Africa Yolande Duhem. They met with businesspeople
and key government officials, including President of Mali, Amadou Toumani
Toure to discuss investment and advisory services opportunities in tourism,
education, manufacturing, mining and the financial sectors.

“The private sector will play an increasingly
important role in creating jobs and reducing poverty in Mali," Tanoh
said. "IFC will work with the government of Mali to help create a
business environment more suitable for private sector investment to help
build a vibrant and inclusive economy."

Since it began working in Mali IFC has mobilized
about $134 million in investments.IFC’s investment portfolio in the country
stands at nearly $7 million, including gold mining company SEMOS, and loans
to Hotel Salam, and Graphique Industrie.

IFC’s strategy in Mali includes expanding
the Support and Training Entrepreneurship Program and the recently approved
joint IDA-IFC Country Assistance Strategy. The country ranked 166 out of
181 countries in the IFC-World Bank Doing Business 2009 report which
ranks countries based on the ease of doing business in the country and
could benefit greatly from an improved business climate to attract more
private sector investment.

Mali was the second stopover on Tanoh’s
four country tour to West Africa which includes visits to Niger, Togo and
Cote d’Ivoire to discuss how IFC advisory services and investment can
have the greatest impact on the future of those economies.

About IFCIFC, a member of the World Bank Group, creates
opportunity for people to escape poverty and improve their lives. We foster
sustainable economic growth in developing countries by supporting private
sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.